Indianapolis Asset Lands Freddie Mac Financing
Greystone provided the funds to Capodagli Property Co. for the purchase of a 208-unit community.
Capodagli Property Co. has secured $15.7 million in Freddie Mac financing for the acquisition of Trails at Lakeside, a 208-unit community in Indianapolis. Greystone provided the funds.
The financing took the form of a non-recourse, fixed-rate loan with a 12-year term and 30-year amortization. There are three years of interest-only payments.
Along with purchasing of the Trails at Lakeside, Capodagli Property Co. will use the loan to upgrade the community.
Situated in Marion County, the garden-style property was completed in 1989. It consists of one-, two- and three-bedroom residences and is 92 percent occupied, according to Yardi Matrix data. Select apartments include private patio or balcony options and a fireplace.
Trails at Lakeside, located at 3836 Arbor Green Lane, is made up of 13 two-story buildings on some 18.7 acres of land. Community amenities include a fitness center, pool, tennis court and laundry facilities, the same data shows.
Miryam Reinitz-Kops, vice president in Greystone’s New York Office, originated the financing while George Takijian with Cushman & Wakefield was the deal’s correspondent.
Indianapolis’ continued strength
A new expansion initiative has been put in place for Linden, N.J.-based Capodagli Property Co., growing its portfolio outside of its home state. In prepared remarks, Jim Feisel, the firm’s vice president, said that Indianapolis was a great place to implement the new mandate.
Feisel’s remarks that Indianapolis serves as a good spot for future investments comes with little surprise as the area’s multifamily market continues to show strength. On a year-over-year basis, rents in Indianapolis were 12.5 percent higher as of October 2022 with overall rent growth topping many U.S. cities. Construction activity on the same year-over-year timeline went up 160.8 percent.